It is an online payment processor or you can say they are more of digital currencies. It is generally a digital currency exchanger. You can use it to store your currency in the value of USD or EURO or any other currency similar. There are many programs like PTC, PTP, PTS that opt to Liberty reserve to pay their members.

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liberty reserve is used in forex as well as in hyip sites. in other words, it's a very well known processor to those that invest online. some people claim that they will scam but so far they managed to do a good job.

Yes, I trade with Forex-Metal broker and fund my account with Liberty Reserve.
If you're looking for an online exchanger, I can recommend e-forexgold.com. They're well-known and reliable.